According to a new report published by Proficient Market, titled, “Global Digital Payment Market by Product Type (Bank Cards, Digital Currencies, Digital Wallets, Net Banking, Point of Sales and Others) and by End-Users/Application (BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-commerce, Transportation and Others) Global Market Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2019 – 2027″ The report has offered an all-inclusive analysis of the global digital payment market taking into consideration all the crucial aspects like growth factors, constraints, market developments, top investment pockets, future prospects, and trends. At the start, the report lays emphasis on the key trends and opportunities that may emerge in the near future and positively impact the overall industry growth.
According to the report, Global Digital Payment Market in 2019 stood at USD 3885.57 million and is expected to reach USD 9086.68 million by 2027 growing at a CAGR of 13.7% from 2020 to 2027.
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A digital payment/electronic payment is a method of payment made from one bank to another using electronic methods and forgoing the direct intervention of bank employees. It is a payment method through which buying and selling of goods is done through the internet or any type of electronic funds transfer. Digital payment method is used at a higher rate due to safer and reliable mode of transactions, eliminates theft, mitigate losses, accessibility and convenience to the people. Various areas where digital payment modes are used: mobile wallets (gpay, paytm etc), application program interface technologies, blockchain (where online wallets are used) and various non-banking companies (amazon.com, alibaba etc).
Digital payment Market Key Players: The research study includes profiles of leading companies operating in the global digital payment market. Key players profiled in the report include:
PayPal Holdings Inc.
MasterCard Incorporated (MasterCard)
CCAvenue (Avenues India Pvt. Ltd)
Paytm Mobile Solutions Private Limited
Alipay.com Co. Ltd
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Drivers for the Global Digital payment Market: Rising digital platforms globally due to increasing online stores, improvement in the banking online payments mode, increasing interface between digital modes of payment at ever outlet, expansion of the smart phone industry as every smart phone has its own wallet available. Hence the smartphones industry is one of the major drivers of the market and all the factors mentioned are owing to increase the disposable income for the digital payment market.
Opportunities for the Global Digital payment Market: Moreover, expansion in the blockchain industry & crypto currency, increasing online platforms for banks, a few governments have launched the Digital payment initiative, which is focusing on endorsing digital payment devices and cashless transactions, google pay & phone pay are the major online modes of payment directly from one’s bank. Hence these factors are going to provide opportunities for the future growth of the market.
Restrains for the Global Digital payment Market: However, due to fraud and thefts large amounts of money can be lost through online payment modes and cybercrimes. Hence these factors can majorly hamper the growth of the digital payment market.
Region Wise, Global Digital payment Market Analysis: North America held major share in the market due general economic conditions, investment in new technology, increase in the number of smartphone industries and increased number of banks and digital platforms. Besides China and Europe held a large share in the market.
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Global Digital Payment Market: Product analysis
Point of Sales
On the basis of type, point of sales accounted for largest share of total revenue generated. Because, of its increased accuracy, easy to use and high efficiency. Also, the payments are readily accepted through contactless payment and mobile wallets and various other android and apple payment wallets.
Global Digital Payment Market: Application analysis
IT & Telecom
Media & Entertainment
Retail & E-commerce
The demand of Global digital payment Market is highest from BFSI, due to their offering of secure money transactions, Increasing digitalization of banks and financial institutions, new inventions in digital banking, such as mobile banking, personal finance management, and digital wallet.
Global Digital Payment Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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